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Private credit and stocks lead weekly gains
The market for tokenized real-world assets, or RWAs — conventional investments represented on blockchain networks — delivered mixed results during the week of Oct. 19-25. Tokenized private credit rose 6.1% to $27.19 billion, while tokenized stocks gained 8.8% to $2.69 billion, according to CoinGecko category data collected at 9:30 a.m. Oct. 25 in South Korea.
Tokenized stocks fell 2.3% over the final 24 hours of the period, while private credit rose 4.5%. Other categories declined for the week: Tokenized gold dropped 6.4% to $5.54 billion, broader tokenized commodities fell 6.1% to $5.84 billion, tokenized real estate declined 4% to $111.4 million, and tokenized money market funds lost 3.7% to $3.02 billion.
CoinGecko placed the market capitalization of tokens associated with RWA protocols at $12.13 billion, down 3.5% for the week and 1.3% over 24 hours. Chainlink fell 2.7% to $11.62, Ondo dropped 6.2% to 41 cents, Maple Finance lost 10.4% to 18 cents, Plume declined 14.4% to 2 cents and RE fell 1.9% to 39 cents. Collector Crypt rose 14.4% to 32 cents, while Rnt gained 0.8% to 34 cents and Zebec Network increased 1.4%.
The categories overlap because an asset can appear in more than one group, so their values should not be added together to calculate a total market size.
Tokenized Treasury products retreat
Tokenized government bonds fell 2.2% for the week to $9.25 billion and were unchanged over the final 24 hours. Circle USYC was the largest product at $2.38 billion, narrowly ahead of Ondo US Dollar Yield at $2.37 billion. BlackRock’s USD Institutional Digital Liquidity Fund, known as BUIDL, followed at $2.18 billion.
Other major products included Invesco’s Short Duration U.S. Government Securities Fund at $736.3 million, Spiko’s EU T-Bills Money Market Fund at $526.2 million, the Janus Henderson Anemoy Treasury Fund at $324.2 million, Ondo’s Short-Term U.S. Government Bond Fund at $319.4 million and Spiko’s U.S. T-Bills Money Market Fund at $169.4 million.
A separate RWA.xyz dashboard showed $14.64 billion in distributed value across 119 tokenized Treasury funds on Oct. 25. Their average annual yield over the preceding seven days was 3.64%, and they were held in 85,876 accounts. The dashboard listed Ondo USDY and Circle USYC at $2.37 billion each, BlackRock BUIDL at $2.17 billion, Franklin Templeton iBENJI at $1.71 billion and JPMorgan JLTXX at $789 million.
Wall Street firms expand blockchain funds
Wormhole plans to provide cross-platform connectivity for BlackRock’s BUIDL fund, which is administered by Securitize. Investors will be able to transfer fund interests without time restrictions, although transactions will remain limited to preapproved participants. As of Oct. 9, BUIDL had $2.202 billion in distributed value, representing roughly 15% of the $14.95 billion tokenized U.S. Treasury sector at that time.
BlackRock said Oct. 19 that it was considering whether tokenized investment funds could serve as collateral in traditional Wall Street trading. Such funds are already used as collateral in digital asset markets. Dan Maley, BlackRock’s head of Asia-Pacific cash management, said tokenized funds were already serving that purpose in digital asset markets.
Franklin Templeton’s tokenized U.S. Treasury fund, sgBENJI, reached $192.698 million on the XRP Ledger as of Oct. 22 after adding $144.368 million in one day. Its value on the network had increased 298.7% over 30 days. Excluding stablecoins, sgBENJI was the XRP Ledger’s largest RWA, accounting for about 56% of the network’s $641.17 million in non-stablecoin RWAs. Including stablecoins, it ranked second behind Ripple’s $929.8 million RLUSD. More than 83% of sgBENJI’s total value was on the XRP Ledger, with the remaining $38.49 million on Stellar.
Tokenized stock ownership surges
The number of RWA holders rose from 1.4 million in June 2026 to 6.4 million in October. Tokenized stock holders drove much of that expansion, climbing from 502,000 to about 5.3 million and increasing their share of all RWA holders from 36.8% to 82.9%.
Tokenized fund holders increased from 559,000 to 573,000 over the same period, while holders of tokenized commodities rose from 302,000 to 523,000.
South Korean custodian plans won-backed stablecoin
South Korean digital asset custodian BDACS signed a memorandum of understanding with Injective on Oct. 20 to introduce KRW1, a stablecoin fully backed by reserves in South Korean won. KRW1 is intended to become the sole asset used to settle real-world assets in won on Injective.
Until regulators approve the project, only authorized institutional partners will be able to issue and redeem KRW1. The agreement comes as South Korea prepares won-denominated stablecoin provisions for its proposed Digital Asset Basic Act. The government aims to finalize the rules by the end of 2026.
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